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there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make cuts in defense spending to try and satisfy the needs of lowering the deficit in this country? >> you know, the real issue we've already seen through the budget control act, the defense has already witnessed significant cuts. i think when you're looking at the resolution here, resolving the negotiations so we don't go to the fiscal cliff, the real issue is everybody
there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's...
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Dec 5, 2012
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former deputy assistant defense secretary. rula let me begin with you. is this going to blow up into a civil war and blow up? >> no, i think it is against him grabbing power. it is a sign that he needs to back off and drop the decrees and make a constitution that is not acceptable by the egyptians. he is not governing in the name of the muslim brotherhood. he needs to listen to them. >> his recent actions suggest that the answer is no. and that is he going his own way. >> i hope she is right. everyone that you can think of is that the people who prevailed is that the people who are the most organized are the most ruthless. i want to ask you about the role of al qaeda in iraq and in jordon. could this spread to iraq? >> i think they have nothing to do with each other. it is wrong. they are two different cultures. they are a million years away from each other. let protesters are civil enough not to become violent. you saw the soldiers and the police men. they let them say what they wanted. and the us aid. and here the government has a major role because we
former deputy assistant defense secretary. rula let me begin with you. is this going to blow up into a civil war and blow up? >> no, i think it is against him grabbing power. it is a sign that he needs to back off and drop the decrees and make a constitution that is not acceptable by the egyptians. he is not governing in the name of the muslim brotherhood. he needs to listen to them. >> his recent actions suggest that the answer is no. and that is he going his own way. >> i...
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Dec 6, 2012
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a great defense company. on top of which you're getting one of the best ultra luxury good manufacturers in gulf stream at the same time. as you all have been talking about, we think at the last possible moment after republicans and democrats have exhausted every other alternative, they'll do the bare minimum and kick the can down the road on most of it. we don't think sequestration is likely to hit. we think general dynamics business is a good business, a lot of exposure to emerging markets outside the u.s. their tech service business is doing well, even the combat and marine divisions we think will be more resilient than people are giving them credit for. and they've got a blue chip balance sheet, strong balance sheet, strong cash generation, around 10% free cash flow yield and ten times earnings right now. so we like long-term fundamentals. again, we think that republicans and democrats will kick the can down the road. and, remember, the fiscal cliff is not really a cliff. even if we come to january 1st, it
a great defense company. on top of which you're getting one of the best ultra luxury good manufacturers in gulf stream at the same time. as you all have been talking about, we think at the last possible moment after republicans and democrats have exhausted every other alternative, they'll do the bare minimum and kick the can down the road on most of it. we don't think sequestration is likely to hit. we think general dynamics business is a good business, a lot of exposure to emerging markets...
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. >> is this the time to send secretary defense. >> if we are recognizing the opposition there, some reports say that it is full of al qaeda as and iraq and al kid is in syria. it is good that the at min tration is finally doing something. we have beeen sitting on their hands. >> the u.s. is sending 20 more f-16. he is at war with reformers and there are rights there. we no no idea what this consti tooth constitution. why are we doing this? >> i'm as confused. i kint of say how is that working for you? nothing to do with syria, yemen ebipt and this is a mess and so is our policy. >> you are right. but we want to be careful by not ailnating the military. >> do we know, ebipt was a secularist. now, the question here is, is it going to become a sharia. is the brotherhood going to get this power. >> that is the biggest concern. we'll see how that goes on sunday. it would be a shame if egypt was less throw. >> why don't we hold this aid back until talks can lay out and send the state department thing over. the secularists and reformers on the straight don't want to do anything. the f-16s
. >> is this the time to send secretary defense. >> if we are recognizing the opposition there, some reports say that it is full of al qaeda as and iraq and al kid is in syria. it is good that the at min tration is finally doing something. we have beeen sitting on their hands. >> the u.s. is sending 20 more f-16. he is at war with reformers and there are rights there. we no no idea what this consti tooth constitution. why are we doing this? >> i'm as confused. i kint of...
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Dec 11, 2012
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and why doesn't the president offer spending cuts to medicare and defense and social security? how about weapons programs that don't fit in the terrorism world. how about foreign aid and maybe trying to be helpful, i'm sure some of today's rallies are based on the believe that say some of today's rally is better than tomorrow. but what, he is the fed chief. the levels of purchase have gotten insane. but bad for those who have been buying stocks. they are confident that they will keep rates low. it will run up into the fed statement and you might as well wait for the market to come in. we will be back on cliff watch. it is that i have a bunch of politicians to agree that there should be no vacation. or they are getting our critical message on this issue. maybe everybody i spoke to is ready to rise above these labels. time to avoid the cliff. that is a prescription for the wealth creation that is dependant upon washington's policy. here is my bottom line. and then we bounce back. when republicans can stick by the pledge. so we have to ask yourself can you handle the intrusion fro
and why doesn't the president offer spending cuts to medicare and defense and social security? how about weapons programs that don't fit in the terrorism world. how about foreign aid and maybe trying to be helpful, i'm sure some of today's rallies are based on the believe that say some of today's rally is better than tomorrow. but what, he is the fed chief. the levels of purchase have gotten insane. but bad for those who have been buying stocks. they are confident that they will keep rates low....
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Dec 13, 2012
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lots of areas where the market could run into glitches and i think it's a great time to play defense. >> can i correctly assume that the power gauge on apple is negative, in the near term, if you are mentioning that as one factor of being bearish in 2013? >> power gauge is neutral. it's bearish on a lot of other stocks. the stock is down significantly and that's no longer driving the positive market psychology. a big drain. >> let's talk about a particular sector, because it seems like the power gauges are telling you that luxury is a sell going into next year. >> luxury and high end retail. you've got an interesting unknown dichotomy. retail stocks tend to underperform between thanksgiving and christmas, courtesy of the spoke investment group. great study they did. number two, consumer sentiment, very negative. particularly at the high end where the uncertainty over the tax rates next year is greatest. and i think this is a great area to raise cash. >> on luxury, the big thing for me is china's not 25% of the global luxury goods market and the u.s. is 20%. china is growing as a luxur
lots of areas where the market could run into glitches and i think it's a great time to play defense. >> can i correctly assume that the power gauge on apple is negative, in the near term, if you are mentioning that as one factor of being bearish in 2013? >> power gauge is neutral. it's bearish on a lot of other stocks. the stock is down significantly and that's no longer driving the positive market psychology. a big drain. >> let's talk about a particular sector, because it...
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that's why secretary of defense panetta and the president of the united states warned assad publicly about using wmd or chemical weapons against his own people. but let's remember he has more or less given control over a lot of his wmd stock piles, of which it is a huge amount to potentially hezbollah or irani revolutionary guards who are forces for the desperate forces that fight for the survival of the regime. >> let's assume you're right and he's transferring these weapons and missiles. what can we do about these? >> on two things we can do. incinerate the stock piles from the air before they're tliefl loaded on scud missiles or it's going to take a significant ground invasion of about 50,000 troops from wherever they're going to come from, i don't know, to basically secure these stock piles because syria, larry, has the largest stockpile of chemical weapons in the entire middle east outside of iran. >> that statement, 50,000 troops to secure it. who and where is that going to come from? >> well, that's the question of what do as the president mean when he said that syria better n
that's why secretary of defense panetta and the president of the united states warned assad publicly about using wmd or chemical weapons against his own people. but let's remember he has more or less given control over a lot of his wmd stock piles, of which it is a huge amount to potentially hezbollah or irani revolutionary guards who are forces for the desperate forces that fight for the survival of the regime. >> let's assume you're right and he's transferring these weapons and...
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case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> pretty clear apple stock is having its worst week in more than two years. let's get to bertha coombs with the details. >> tough end of the week ear. it's apple's horrible, awful week. today's decline saw shares hit a real technical weak point, the so-called death cross. that's where the 50-day moving average, the top line in yellow, crossed below the orange line. that's the 200-day moving average. according to the spoke investment group, the last time that happened in september 2008, shares didn't bottom until januar
case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global...
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and to timmy's defense, he talked about it back in september when the stock was traiting at 685. >> yeah. let's get more on the billing move that we saw today in apple. bring in jean munstra of paper jaffrey. gene, it will be fair to say your price target is $900. >> that's correct. >> and you're sticking by it. >> yes. >> in terms of decline that we've seen, how concerned about the sentiment that it's turned to the point where we are looking at the charts on apple. we're taking a look at that pe graph that we threw up there. we saw the p on apple in a steady decline since 2009 which coincides with the iphone 3gs. at what point do we catch on with apple. apple has the cool factor, apple will have products in the pipeline, apple will deliver? >> there's a few things going on there. the pe side there's not much incompetent kremtal down side because of the cash they're generating. in terms of the technical side, i'm a fundamental analyst and did a lot of calls with analysts there. i feel like a got a master's on technical analysis based on an earful from technical investors. that's a big ea
and to timmy's defense, he talked about it back in september when the stock was traiting at 685. >> yeah. let's get more on the billing move that we saw today in apple. bring in jean munstra of paper jaffrey. gene, it will be fair to say your price target is $900. >> that's correct. >> and you're sticking by it. >> yes. >> in terms of decline that we've seen, how concerned about the sentiment that it's turned to the point where we are looking at the charts on...
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record high in the defense index. the philadelphia defense index, a lot of the components, ged, lockheed martin, names we have been talking about, as stocks to buy if there is a deal reached. brian, i think you are actually, that was one of your -- >> we talked about lockheed last night. certainly they are getting this boost because people are buying into the hope that there's going to be some kind of deal done. we had a big selloff since september. so, we have a lot of the fiscal cliff priced in, or at least the worst case scenario. so, now you get a little bit of short cover here. i wouldn't be plowing into these stocks right now, particularly after today's news. just seems -- i think there's better places to go and tim hit on it. look to europe, look to asia. that's where the growth is. there's better places than here in the u.s. >> we should note the mission critical coverage continues today on cnbc. larrdlow next on location with a special show from there at 7:00 p.m. eastern time. you see there his guests, jon k
record high in the defense index. the philadelphia defense index, a lot of the components, ged, lockheed martin, names we have been talking about, as stocks to buy if there is a deal reached. brian, i think you are actually, that was one of your -- >> we talked about lockheed last night. certainly they are getting this boost because people are buying into the hope that there's going to be some kind of deal done. we had a big selloff since september. so, we have a lot of the fiscal cliff...
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in fact, in my district i have a major base and defense contractors are there. they are already telling me they are laying off. >> how many cuts are you expecting? >> we don't know in total but we know there will be because they are telling us. >> i think you have to be willing to commit political harry kerry because you have to say no. >> our day in washington isn't done, just beginning. top of the next hour maria and i will be joined by senator johnny isakson. back to you guys. >> maria, brian, thank you very much. will a fiscal cliff deal be done in time? why don't you register your opinion. finance.cnbc. cast your vote. results will come up later on "power lunch." sue. >> we have a triple digit rally on the floor of the new york stock exchange with the dow jones industrial just off the highs of the trading session. we're up 109 points on the dow despite the gridlock in washington. nasdaq is up 41 points and s&p 500 is up 13 points. all three of those averages moving back above their 50-day moving average. first time we've seen that since october. trader from
in fact, in my district i have a major base and defense contractors are there. they are already telling me they are laying off. >> how many cuts are you expecting? >> we don't know in total but we know there will be because they are telling us. >> i think you have to be willing to commit political harry kerry because you have to say no. >> our day in washington isn't done, just beginning. top of the next hour maria and i will be joined by senator johnny isakson. back to...
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this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada. the partner died and left edie the estate. the federal government said we can't recognize you as married. the irs says you're not married as far as we're concerned she got hit with a tax bill of $363,000. >> we'll leave it there. many thanks. nbc's pete williams. now let's get right to our panel tonight. democratic strategic jimmy williams. wabz radio talk show host mark seimone and washington times opinion writer cari picket. we have a number of topics to chew on this evening. let's begin with the breaking news out of the scouupreme cour and a legal challenge major implications for federal and private benefit payments. cari, let me go to you first and get your first reaction to this. federal versus state. constitutional liberty and rights. the end of the doma act.
this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada. the partner died and left edie the estate. the federal government said we can't recognize you as married. the irs says you're not married as far as we're concerned...
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>> i would go to the defense sector. i think the way it sets up, technically, it looks good here. if you do get a deal, lockheed martin is the way to go. >> i'm in that camp. i would go to boeing. look at them. it's had a tremendous year, the stock is around a 52-week high, sort of sideways, i think any certainty in terms of the economy going forward is going to be well for boeing. a lot of pent up demand for airplanes, basically just more efficient. boeing could really win. >> and are these binary trades, though? >> yes, i think in the short-term they are, but all three of the names we're going to mention, i'm mentioning general dynamics are long-term good. in the chance of general dynamics, you have a 10% forward free cash flow and it's trading at ten times forward earnings. a 50% market share in the large cabin private aircraft space and the best brand, that would be gulfstream. so, these stollings will do well with or without the cliff. i do think we get a resolution, these will do well quickly. >> pete? >> if we start to get ourselves into some sort of position, the housing r
>> i would go to the defense sector. i think the way it sets up, technically, it looks good here. if you do get a deal, lockheed martin is the way to go. >> i'm in that camp. i would go to boeing. look at them. it's had a tremendous year, the stock is around a 52-week high, sort of sideways, i think any certainty in terms of the economy going forward is going to be well for boeing. a lot of pent up demand for airplanes, basically just more efficient. boeing could really win....
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>> i think people have to be defensive in the short term. there will be a lot of rancor on both sides. so within the next month or so, as the fiscal cliff debate developments, there is limited up side for interest rates and it's hard to see stocks moving much higher. >> so let's suppose we get an agreement. that should increase confidence. does that mean the economy performs better next year than we expect and then what's the feed through from that? >> yeah, i think while we're now focused on a lot of the down side risks not only from the fiscal cliff but obviously also from the eurozone crisis, we may have overlooked some of these up side potential for next year. so if we get a favorable resolution for the fiscal cliff, i think we can see interest rates move up quite sharply. that would be because expectations for growth could be much higher, so if growth is around the 2% in the first half of the year, we could be haufing over the 3% range in the second half of the rear. that would mean higher interest rates and that could be a very poor re
>> i think people have to be defensive in the short term. there will be a lot of rancor on both sides. so within the next month or so, as the fiscal cliff debate developments, there is limited up side for interest rates and it's hard to see stocks moving much higher. >> so let's suppose we get an agreement. that should increase confidence. does that mean the economy performs better next year than we expect and then what's the feed through from that? >> yeah, i think while...
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defensives were black. back to you. >> let's take a look now at what's happening in markets across europe. kind of mixed trade. more decliners than advancers. some of the decliners include danone which is embarking on a cost cutting plan. but the stoxx europe 600 broadly speaking down about .25%. the major bourses have been on a nice run over the last several trading sessions today. adding to that, the ftse up another .4%. we know the sell-off that we saw on monday and the monte/berlusconi news, now berlusconi might be indicating willingness to let monti govern. the xetra dax is lower this morning. the ftse 100, too, down about 0.2% respectively. take a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that p
defensives were black. back to you. >> let's take a look now at what's happening in markets across europe. kind of mixed trade. more decliners than advancers. some of the decliners include danone which is embarking on a cost cutting plan. but the stoxx europe 600 broadly speaking down about .25%. the major bourses have been on a nice run over the last several trading sessions today. adding to that, the ftse up another .4%. we know the sell-off that we saw on monday and the...
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paychecks are going to go down, a million layoffs in the defense industry. no one seems to care right now. it's bad. >> you know what we have going for us? the grid, december 17 announced -- on a seasonal basis, they have reiterated once again that it doesn't have the demand to be sold year round, but starting a week from monday. >> i don't buy that. i think they do it because whenever they have mcrib, they're just fighting traffic for mcrib. there are places in the world where the mcrib is on the menu all the time. in case you're there on your vacation. >> i'm learning here all the time. i'm always learning. >> switch from the bacon cheese-inator. [ bell rings ] . >> celebrating the ground breaking of hotels in new york. we'll be speaking to the ceo in this hour. >> whitehorse is an interesting story. >> white house, delayed over at the nasdaq, the new york stock exchange puts out a release reiterating 16 companies have announced or moved to the big board so for this year. you're starting to wonder who would go public on the nasdaq. >> still waiting for the
paychecks are going to go down, a million layoffs in the defense industry. no one seems to care right now. it's bad. >> you know what we have going for us? the grid, december 17 announced -- on a seasonal basis, they have reiterated once again that it doesn't have the demand to be sold year round, but starting a week from monday. >> i don't buy that. i think they do it because whenever they have mcrib, they're just fighting traffic for mcrib. there are places in the world where the...
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the philadelphia defense index, the main index everyone watches in defense stocks, historic high today. all the big name defense stocks are to the upside. raytheon, northrop, rockwell. all are up and outperforming the market this month. who would have thunk it? say what you will. these stocks are having big worries on sequestration. put up my two main points and i'll tell you what i think is going on here. even though the threat is looming here they're ignoring it. i think regardless. everything i read indicates there's budget uncertainty and slower bookings comes from all the defense names. frankly them trading at a slight premium to the market now strikes me as a bit odd. nonetheless, that's what's going on. let me also mention the airlines. because the airline index is hitting a 52-week high today. there is some general optimism. delta, there's actual deals. kell t delta is buying into southwest. 49% stake from singapore. good commerce from some of the airlines recently. let me show you what i think is happening. more consolidation coming here. we're talking about some of the deals
the philadelphia defense index, the main index everyone watches in defense stocks, historic high today. all the big name defense stocks are to the upside. raytheon, northrop, rockwell. all are up and outperforming the market this month. who would have thunk it? say what you will. these stocks are having big worries on sequestration. put up my two main points and i'll tell you what i think is going on here. even though the threat is looming here they're ignoring it. i think regardless....
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. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, depending on where you stand, the idea that we just get rid of congressional approval of the debt ceiling at all, which is that ludicrous proposal that was in the president's plan. that's not -- and would you really want that? would you really want not having any more oversight over whether we keep raising the debt? >> but there's also a compromise that's potentially there on that as well. >>
. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double...
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as you know, house republicans are in defense of that law. there was a $1.5 million cost cap outside counsel to fund that, but according to house democrats, that cost cap has decreased. do you is not the idea of raising that to pay for it? >> if the justice department is not going to enforce the law of the land, the congress will. thank you all. >> there's house speaker john boehner walking off the podium after handling a number of questions. what he seemed to underscore is the fact that there has not been much progress made. he said it is clear the president has not committed to cutting spending. the president needs to step up at this time and that the president is intent on slow walking the economy right up to the edge of the fiscal cliff. as for market reaction, markets taking a little bit of a pause here. we're off the session lows at this point. what was notable, though, was a pop in the volatility index. and that was up by 2% at last check. let's bring in john harwood to get more reaction to what speaker boehner just said. john. >> repo
as you know, house republicans are in defense of that law. there was a $1.5 million cost cap outside counsel to fund that, but according to house democrats, that cost cap has decreased. do you is not the idea of raising that to pay for it? >> if the justice department is not going to enforce the law of the land, the congress will. thank you all. >> there's house speaker john boehner walking off the podium after handling a number of questions. what he seemed to underscore is the fact...
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moving along, reducing non-defense spending and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will catch you up later. also the joint economic committee will hold a hearing on the fiscal cliff. can congress come up with a compromise before the looming deadline? senator robert casey and jec vice chairman tom brady joins us from texas. thank you for being here. you have a lot of things happening behind the scenes. senator casey, i know you have said what we're watching is a lot of drama and probably taking our eye off the ball in terms of what's happening. can you tell us if there's progress being made behind the scenes? >> i think there's a little bit too much attention paid to the back and forth every
moving along, reducing non-defense spending and come down to the least acceptable thing for everybody involved is reducing medicare spending. you want to know how to fix the fiscal cliff? you have to raise taxes on those 250 above and cap deductions and a cap in deductions on everybody loon looks to be marginally acceptable. we'll have a chance to talk about that chart later but i hear you have some interesting guests on this issue coming up. >> we're talking about that chart and will...